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As Danny Riley will note in this morning’s Opening Print, Wednesday’s price action was tough. Trading the S&P 500 or its futures contract was not an easy task. The latter shed 2.1% in the session, dropping more than 87 points.  The Dow didn’t fare much better. The futures contract dumped 675 points, falling 1.97% on the day. That followed Tuesday’s session, where the index fell 485 points and after it made new all-time highs on Monday.  The undercurrents in the market have been tough, with some groups performing well and some groups performing dreadfully (looking at you, growth stoc...

Chart of the Day Crude (JUN) The market is bullish Crude since it broke out above 65.00. While we saw a few attempts before it did finally broke. This morning Crude is trading at 65.70 which was our next upside target. Crude gives a next upside target of 67.30 but it is now trading near its projected high. We have not been long Crude but tried a few times to short it. The reason is that it’s overdue a correction and we still have a lower target of around 61 that has not been tested yet. Enough reason to stay cautious. We suggested this morning to short Crude again below 64.90 with a buy sto...

Market Review Using the context of the new administration, who can do no wrong and what’s going on in the offing events tied to the earnings season? Here’s how I saw yesterday’s market using the principles of Wyckoff and through the eyes of WB. The stimulus is coming. Sure, we don’t get $2K as promised in the campaign speech, it’s been whittled down to $1,400 with limitations on the rich. Mom was not happy when she heard that. She said; “That does not come close to compensating me for being locked up in the house for a year and not being able to go to church on Sundays…”